Management's Assertion

Report on Assessment of Compliance with ApplicableServicing Criteria

 

U.S. Bank National Association(“U.S. Bank”) is responsible for assessing compliance as of and for the yearended December 31, 2017 with the servicing criteria set forth in Item 1122 (d)of Regulation AB applicable to it as set forth on Exhibit A hereto.  Thisreport covers asset backed securities transactions within the **U.S. BankCorporate Trust Asset-Backed Securities Platform1 (the “Platform”)**

 

U.S. Bank hereby provides thefollowing report on its assessment of compliance with the servicing criteriaset forth in Item 1122 of Regulation AB applicable to it and as described onExhibit A hereto:

 

1.        U.S. Bank isresponsible for assessing its compliance with the servicing criteria applicableto it as noted on the accompanying Exhibit A;

 

2.        Except asset forth in paragraph 3 below, U.S. Bank used the criteria set forth inparagraph (d) of Item 1122 of Regulation AB to assess its compliance with theapplicable servicing criteria;

 

3.        Thecriteria listed in the column titled “Inapplicable Servicing Criteria” onExhibit A hereto are inapplicable to U.S. Bank based on the servicingactivities it performs directly with respect to the Platform;

 

4.        U.S. Bankhas complied, in all material respects, with the applicable servicing criteriaas of and for the year ended December 31, 2017; and

 

5.        Ernst& Young, LLP, a registered public accounting firm, has issued anattestation report on U.S. Bank’s assessment of compliance with the applicableservicing criteria as of and for the year ended December 31, 2017.

 

 

U.S. BANK NATIONAL ASSOCIATION

 

 

/s/ Joseph Giordano

Name: Joseph Giordano

Title: Executive VicePresident

 

Date: February 28, 2018

 

1 The U.S. Bank Corporate Trust Asset-Backed SecuritiesPlatform (the "Platform") consists of the activities involved in theperformance of servicing functions for which the Company provides trustee, securitiesadministration, registrar, paying agent and document custody services for (i)publicly issued asset-backed and mortgage-backed transactions the securities ofwhich were offered on or after January 1, 2006 and (ii) certain asset-backedtransactions for which the Issuer has voluntarily elected to make Regulation ABcompliant filings under the Securities Exchange Act of 1934, as amended.

 

 

**EXHIBIT A to Management’s Assertion**

 

| **Reference**                                       | **Servicing Criteria**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | **Applicable Servicing  Criteria** | **Inapplicable Servicing  Criteria**       |
|-----------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------|--------------------------------------------|
| **General Servicing  Considerations**               |
|  

1122(d)(1)(i)                               |  

Policies and procedures are  instituted to monitor any performance or other triggers and events of default  in accordance with the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |  

**X**                      |  

                              |
|  

1122(d)(1)(ii)                              |  

If  any material servicing activities are outsourced to third parties, policies  and procedures are instituted to monitor the third party’s performance and  compliance with such servicing activities.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ** **

**X(2)**               |  

                              |
|  

1122(d)(1)(iii)                             |  

Any  requirements in the transaction agreements to maintain a back-up servicer for  the Pool Assets are maintained.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | ** **

                  |  

**X**                              |
|  

1122(d)(1)(iv)                              |  

A  fidelity bond and errors and omissions policy is in effect on the party participating  in the servicing function throughout the reporting period in the amount of  coverage required by and otherwise in accordance with the terms of the  transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                         | ** **

**X**                  |  

                              |
|  

1122(d)(1)(v)                               |  

Aggregation  of information, as applicable, is mathematically accurate and the information  conveyed accurately reflects the information.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ** **

**X(3)**               |                                       |
| ** **

**Cash Collection and  Administration** |
|  

1122(d)(2)(i)                               |  

Payments  on pool assets are deposited into the appropriate custodial bank accounts and  related bank clearing accounts no more than two business days following  receipt, or such other number of days specified in the transaction  agreements.

                                                                                                                                                                                                                                                                                                                                                                                                                                                      | ** **

**X**                  | ** **

                          |
|  

1122(d)(2)(ii)                              |  

Disbursements  made via wire transfer on behalf of an obligor or to an investor are made  only by authorized personnel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | ** **

**X**                  | ** **

                          |
|  

1122(d)(2)(iii)                             |  

Advances  of funds or guarantees regarding collections, cash flows or distributions,  and any interest or other fees charged for such advances, are made, reviewed  and approved as specified in the transaction agreements.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | ** **

**X(4)**               |  

                              |
|  

1122(d)(2)(iv)                              |  

The  related accounts for the transaction, such as cash reserve accounts or  accounts established as a form of over collateralization, are separately maintained  (e.g., with respect to commingling of cash) as set forth in the transaction  agreements.

                                                                                                                                                                                                                                                                                                                                                                                                                                             | ** **

**X**                  | ** **

                          |
|  

1122(d)(2)(v)                               |  

Each  custodial account is maintained at a federally insured depository institution  as set forth in the transaction agreements. For purposes of this criterion,  “federally insured depository institution” with respect to a foreign  financial institution means a foreign financial institution that meets the  requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.                                                                                                                                                                                                                                                                                                              | ** **

**X**                  |  

                              |
|  

1122(d)(2)(vi)                              |  

Unissued  checks are safeguarded so as to prevent unauthorized access.

 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ** **

**X**                  |  

 

                      |
|  

1122(d)(2)(vii)                             |  

Reconciliations  are prepared on a monthly basis for all asset-backed securities related bank accounts,  including custodial accounts and related bank clearing accounts. These  reconciliations are (A) mathematically accurate; (B) prepared within 30  calendar days after the bank statement cutoff date, or such other number of  days specified in the transaction agreements; (C) reviewed and approved by  someone other than the person who prepared the reconciliation; and (D)  contain explanations for reconciling items. These reconciling items are  resolved within 90 calendar days of their original identification, or such  other number of days specified in the transaction agreements. | ** **

**X**                  |  

                              |
| ** **

**Investor Remittances  and Reporting** |
|  

1122(d)(3)(i)                               |  

Reports  to investors, including those to be filed with the Commission, are maintained  in accordance with the transaction agreements and applicable Commission  requirements. Specifically, such reports (A) are prepared in accordance with  timeframes and other terms set forth in the transaction agreements; (B)  provide information calculated in accordance with the terms specified in the  transaction agreements; (C) are filed with the Commission as required by its  rules and regulations; and (D) agree with investors’ or the trustee’s records  as to the total unpaid principal balance and number of Pool Assets serviced  by the Servicer.

                           | ** **

**X**                  |  

                              |
|  

1122(d)(3)(ii)                              |  

Amounts  due to investors are allocated and remitted in accordance with timeframes,  distribution priority and other terms set forth in the transaction  agreements.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ** **

**X**                  |                                       |
|  

1122(d)(3)(iii)                             |  

Disbursements  made to an investor are posted within two business days to the Servicer’s  investor records, or such other number of days specified in the transaction  agreements.

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | ** **

**X**                  | ** **

                          |
|  

1122(d)(3)(iv)                              |  

Amounts  remitted to investors per the investor reports agree with cancelled checks,  or other form of payment, or custodial bank statements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ** **

**X**                  | ** **

                          |
| ** **

**Pool Asset  Administration**          |
|  

1122(d)(4)(i)                               |  

Collateral  or security on pool assets is maintained as required by the transaction  agreements or related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ** **

**X**                  |  

                              |
|  

1122(d)(4)(ii)                              |  

Pool  assets and related documents are safeguarded as required by the transaction  agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ** **

**X**                  |  

                              |
|  

1122(d)(4)(iii)                             |  

Any  additions, removals or substitutions to the asset pool are made, reviewed and  approved in accordance with any conditions or requirements in the transaction  agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ** **

**X**                  |  

                              |
|  

1122(d)(4)(iv)                              |  

Payments  on pool assets, including any payoffs, made in accordance with the related  pool asset documents are posted to the Servicer’s obligor records maintained  no more than two business days after receipt, or such other number of days  specified in the transaction agreements, and allocated to principal, interest  or other items (e.g., escrow) in accordance with the related pool asset  documents.                                                                                                                                                                                                                                                                                      | ** **

                  | ** **

**X**                          |
|  

1122(d)(4)(v)                               |  

The  Servicer’s records regarding the pool assets agree with the Servicer’s records  with respect to an obligor’s unpaid principal balance.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | ** **

                  |  

**X**                              |
|  

1122(d)(4)(vi)                              |  

Changes  with respect to the terms or status of an obligor's pool assets (e.g., loan  modifications or re-agings) are made, reviewed and approved by authorized  personnel in accordance with the transaction agreements and related pool  asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                   | ** **

                  |  

**X**                              |
|  

1122(d)(4)(vii)                             |  

Loss  mitigation or recovery actions (e.g., forbearance plans, modifications and  deeds in lieu of foreclosure, foreclosures and repossessions, as applicable)  are initiated, conducted and concluded in accordance with the timeframes or  other requirements established by the transaction agreements.

                                                                                                                                                                                                                                                                                                                                                                                             | ** **

                  |  

**X**                              |
|  

1122(d)(4)(viii)                            |  

Records  documenting collection efforts are maintained during the period a pool asset  is delinquent in accordance with the transaction agreements. Such records are  maintained on at least a monthly basis, or such other period specified in the  transaction agreements, and describe the entity’s activities in monitoring  delinquent pool assets including, for example, phone calls, letters and  payment rescheduling plans in cases where delinquency is deemed temporary  (e.g., illness or unemployment).

                                                                                                                                                                            | ** **

                  |  

**X**                              |
|  

1122(d)(4)(ix)                              |  

Adjustments  to interest rates or rates of return for pool assets with variable rates are  computed based on the related pool asset documents.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | ** **

                  | ** **

**X**

                   |
|  

1122(d)(4)(x)                               |  

Regarding  any funds held in trust for an obligor (such as escrow accounts): (A) such  funds are analyzed, in accordance with the obligor’s pool asset documents, on  at least an annual basis, or such other period specified in the transaction  agreements; (B) interest on such funds is paid, or credited, to obligors in  accordance with applicable pool asset documents and state laws; and (C) such  funds are returned to the obligor within 30 calendar days of full repayment  of the related pool assets, or such other number of days specified in the  transaction agreements.                                                                                                           | ** **

                  | ** **

**X**

                   |
|  

1122(d)(4)(xi)                              |  

Payments  made on behalf of an obligor (such as tax or insurance payments) are made on  or before the related penalty or expiration dates, as indicated on the  appropriate bills or notices for such payments, provided that such support  has been received by the servicer at least 30 calendar days prior to these  dates, or such other number of days specified in the transaction agreements.                                                                                                                                                                                                                                                                                                          | ** **

                  |  

**X**                              |
|  

1122(d)(4)(xii)                             |  

Any  late payment penalties in connection with any payment to be made on behalf of  an obligor are paid from the Servicer’s funds and not charged to the obligor,  unless the late payment was due to the obligor’s error or omission.                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ** **

                  |  

**X**                              |
|  

1122(d)(4)(xiii)                            |  

Disbursements  made on behalf of an obligor are posted within two business days to the  obligor’s records maintained by the servicer, or such other number of days  specified in the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ** **

                  | ** **

**X**

                   |
|  

1122(d)(4)(xiv)                             |  

Delinquencies,  charge-offs and uncollectible accounts are recognized and recorded in  accordance with the transaction agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | ** **

                  |  

**X**                              |
|  

1122(d)(4)(xv)                              |  

Any  external enhancement or other support, identified in Item 1114(a)(1) through (3)  or Item 1115 of Regulation AB, is maintained as set forth in the transaction  agreements.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | ** **

**X**                  | ** **

 

 

 

  |

 

 

2 No servicing activities were performed by the Companythat required the servicing criteria to be complied with.

3 No servicing activities were performedby the Companythat required the servicing criteria to be complied with.

4 No servicing activities were performed by the Companythat required the servicing criteria to be complied with.

 

 

Corporate Trust ABS Platform(B)